Using SSIC Codes in Singapore: Everything You Need to KnowDownload Now: FREE GST 2023 GuidebookDownload Now: FREE Employment Pass ChecklistDownload Now: Free Incorporation Checklist
The Singapore Standard Industrial Classification (SSIC) code is a business activity code assigned by the government to track economic activity. Today, we will walk you through some commonly asked questions. Also, we share insights about things to note when selecting a SSIC code, how to select one, the purpose they serve, and some examples of commonly used SSIC codes.
Do I Need to Choose a SSIC Code & How Do I Do it?
If you are carrying out your business within Singapore, you are required to have an SSIC code. When doing so, you are required to choose at least one SSIC code to represent your business activities. However, there can be one primary and one secondary activity. Sprout Asia has our own SSIC Code Search Tool, which makes finding your SSIC code even easier. Simply input keywords that best describe your business and select accordingly from there.
It is also important to note that your SSIC code should be reviewed and updated when necessary, to ensure the following:
- It stays aligned with the changes in international standards
- It accurately reflects significant changes in the economy
- It remains updated in regard to emerging activities
What is the Purpose of SSIC Codes?
Aside from allowing the Singapore government to track economic activity, SSIC codes are also useful to the Accounting and Corporate Regulatory Authority (ACRA) when determining whether any additional licenses are needed for the business activity carried out by the company. Additionally, the Inland Revenue Authority of Singapore (IRAS) can also use a company’s SSIC code to determine whether specific tax benefits apply to the company.
Things to Note When Choosing an SSIC Code
When selecting your SSIC code, it is important to first evaluate your business’s primary products/services carefully, in order to select the code best suited to describe these activities. Secondly, it would be recommended to write a custom description of your business activity for your business profile (no longer than the length of a page). However, this is not required to follow the SSIC standard description, since ACRA allows for the writing of a more accurate business activity description upon registration.
Commonly Used SSIC Codes
- ARCHITECTURAL SERVICES
71111 (Architectural services)
- FINANCE & BANKS
64120 (Full banks)
64130 (Wholesale Banks)
64120 (Offshore Banks)
64150 (Merchant banks)
64992 (Representative offices of foreign banks)
- REAL ESTATE
68201 (Real estate agencies and valuation services)
68209 (Real estate activities on a fee or contract basis nec.)
- LAW & LEGAL
69100 (Legal Activities)
85211 (Secondary schools)
85212 (Junior colleges and centralised pre-university institutes)
85213 (International and foreign system schools - secondary)
85214 (Schools for the handicapped and educationally sub-normal - secondary)
85220 (Technical and vocational secondary and post-secondary non-tertiary education)
85303 (Teachers' training institutes)
85304 (Commercial schools offering higher education programmes)
85494 (Academic tutoring services. e.g. tuition centres, private tutoring services)
- COMMODITY TRADING
66124 (Commodity [excluding gold] and futures brokers and dealers)
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